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Rant & Rave Blog

Chart Level Alert: U.S. Steel Corp (X) Flying High!

Posted by Gareth Soloway Tuesday, July 26, 2016, 02:12PM ET

Read 1297 times

United States Steel Corporation (NYSE:X) reported earnings this morning. The stock has soared, making new 52 week highs.

 

** Where is X heading and what caused the pop?

 

Earnings were solid but this run higher is more based on short covering than positive results. This tells us the pop in the stock price will run out of steam. The question is, at what price level? The price level to watch is quickly approaching based off a beautiful trend line seen in the chart below. Look for a max move of $23.50 on U.S. Steel before a pull back begins.

 

Get alerted to the exact trades that Gareth and Nick take live when the action happens, here is how... enter the Research Center here for FREE. Also, take note of the documented track record of every single trade members have received over the years - no one can compete with the verified performance of our Pros, its that simple.

 

U.S. Steel is popping on earnings and short covering. The stock is nearing resistance on the chart.

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